Dealflo scores £10m for deal automation

Financial agreement automation platform Dealflo has picked up £10m in a Series B round led Holtzbrinck Ventures.

Existing backer Notion Capital also participated alongside Frog Capital.

The London-based company aims to help businesses to automate financial agreements, focusing in particular on issues surrounding legal enforceability and compliance.

Founded in 2012, Dealflo claims it’s targeting a $15bn global market and counts financial services firms such as BNP Paribas, BMW and Prudential among it clients.

The company says its recurring revenue base has grown more than 500% since its Series A round.

The fresh capital brings its total funding to £13.5m and will be used to fuel expansion into new sectors and markets as well as advance product development.

Dealflo CEO Abe Smith said: “In this round of funding it was important that we chose investors that understood the sectors we operate in, and who have the experience to help us to continue our growth in key international markets.

“We have seen phenomenal growth since we founded the business in 2012 and this investment will enable us to deliver to global clients on a global scale.”

Notion Capital’s managing partner Stephen Chandler said: “We are delighted with the progress at Dealflo since we first invested 3 years ago.

“The company is addressing a massive market opportunity with a truly differentiated product. Its track record of ‘big brand’ client acquisition and retention speaks for itself.”

Copyright © 2017 FINTECH GLOBAL

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